Ajanta Pharma Limited announced that the the Board of Directors of the company, at its meeting held today, i.e., March 10, 2023, has inter-alia considered and approved the buyback of 22,10,500 fully paid-up equity shares of face value of ₹2 each by the company at a price of ₹1,425 per equity share payable in cash for a total consideration not exceeding ₹ 315 crores, via an exchange filing.
The equity shares represent 9.93% and 9.64% of the aggregate of the company’s paid-up capital and free reserves as per the standalone and consolidated audited financials of the company for the year ended as on March 31, 2022 respectively.
The disclosure is in furtherance of the company's intimation letter dated March 6, 2023 and in terms of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with the SEBI circular bearing reference number CIR/CFD/CMD/4/2015 dated September 9, 2015.
The buy-back size does not exceed the statutory limit of 10% of the total paid up equity capital and free reserves of the company based on the standalone financial statements of the company as per its latest audited financial statements as on March 31, 2022, under the Board approval route, through the “Tender Offer”, as prescribed under the provisions of the Companies Act, 2013 and the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018 as amended, on a proportionate basis, from the equity shareholders and beneficial owners of the equity shares of the company, including promoters, members of promoter group and persons acting in concert, as on the record date.
